Earnings Preview: Limited Brands 2 comments
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Limited Brands (LTD) is expected to report Q2 earnings after market close Wednesday, Aug. 20, with a conference call scheduled for Thursday at 9:00 am ET.
Guidance
Analysts are looking for a profit of 20c on revenue of $2.3B. The consensus range is 18c to 22c for EPS, and revenue of $2.2B to $2.4B, according to First Call. In May, the company forecast Q2 EPS 16c to 20c and FY09 EPS $1.38 to $1.58 vs. First Call consensus of $1.47.
Analyst Views
Limited recently reported same-store sales for July fell 5% vs. consensus of down 7.4% and said sales during the month were $601.3M; Limited said Q2 SSS were down 7% on revenue of $2.28B.
Between the faltering economy, soaring food and gas prices, limited credit, slumping home prices and worries about jobs, shoppers remain unnerved and have cut back spending on discretionary items. Instead of spending at retailers, bargain-hunters are flocking to wholesale clubs and discount apparel chains.
On July 29, Goldman Sachs began coverage of the U.S. specialty apparel sector with a Cautious view as it believes the sector faces a major execution risk and weak consumer spending amid challenging macroeconomic conditions. The firm said that significantly less diversified assortments, coupled with a "highly fragmented competitive landscape," make apparel retailers much more vulnerable to fashion misses.
Next event: Limited Brands is expected to release its August sales on September 4.
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